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ASX 200 rallies 82 points to close at 7649 (1.1%) a long way from the high of the day at 7679. Euphoria gave way to some pre-tech result nerves.Late 20 points charge helped though. No news over the weekend on Israel or Iran helped early sentiment with broad-based gains across the board. Iron ore stocks in demand, BHP up 1.8% with RIO modestly higher despite copper heading to $10,000. Nickel stocks back as the metal hits a 7-month high, IGO up 2.3% and S32 doing well on a production report, up 5.6%. Gold miners slipped as tensions eased, EVN down 1.5% and NST off 1.4%. Oil and gas in a similar boat, WDS down 2.6% with STO off % and KAR copping some downgrades down 2.4%. Banks firmed but well off highs as Citi plays the ‘widowmaker’ trade and says sell banks. CBA up 0.9% and the Big Bank Basket up to $200.24 (+0.8%). MQG doing well up 1.8% with NWL in focus up 4.6%. REITs better despite bond yields rising, SGP up 1.6% and MGR up 0.9%. Industrials solid, WOW and COL up around 1.5%. QAN gained 3.6% on easing tensions and lower oil prices, TLS is up 1.4%, and CSL is doing very well, up 2.2% with COH to rallying 2.3%. In corporate news, some production reports out, BOE produced its first drum from Honeymoon. AIZ downgraded again, SGR fell again as inquiry continues. Dead man walking really. In economic news, China left rates unchanged. Asian market mixed, Japan up 0.6%, HK up 1.8% and China down slightly. 10-year yields higher at 4.32%.

HIGHLIGHTS

  • Winners: IMU, JMS, DVP, ZIP, BVS, S32, AEF
  • Losers: DRO, PDI, BGL, CTT, CU6, RSG, OBM
  • Positive sectors: Banks. Iron ore miners. Industrials. Healthcare
  • Negative sectors: Goldminers. Oil and gas.
  • ASX 200 Hi 7679  Lo 7581
  • Big Bank Basket: Up to $200.24 (+0.8%)
  • All-Tech Index:  Up 1.4%
  • Gold: Falls to $3684 as tensions ease.
  • Bitcoin: Kicks hard to US$65874 ‘Halved’.
  • 10-year yields rise to 4.32%.
  • AUD: Rises to 64.32c
  • Asian markets:  Japan up 0.6%, HK up 1.8% and China down slightly.
  • Dow Futures up 140 Nasdaq futures up 110

MAJOR MOVERS

  • IMU +19.7% kicks higher
  • JMS +9.4% strengthening manganese markets as S32 has issue.
  • ZIP +7.8% bouncing nicely.
  • S32 +5.6% quarterly report.
  • LRS +5.1% some lithium love.
  • ADT +5.4% corporate update.
  • ARL +19.7% trading halt pending an update.
  • 29M +8.1% offtake and insurance update.
  • XAM +9.1% notice of AGM.
  • DRO -16.1% capital raising weighs at 80c.
  • BGL -6.9% gold weakness.
  • CTT -6.2% LHC fund managers sell out.
  • SBM -9.8% soft again.
  • GLN -13.0% signs pivotal commercial agreement with Catamarca Gold.
  • WGX -3.9% Gold miners slip lower.
  • Speculative Stock of the Day:  Base Resources (BSE) +123.8% Enters a scheme with Energy Fuels from US worth up to 30.5c. Scrip bid and special dividend.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • China has left its one- and five-year loan rates unchanged for a second meeting in a row, as the regional giant continues to navigate its still-rocky post-pandemic recovery. The one-year rate stands at 3.45 % while the five-year rate – which relates mostly to mortgage loans – remains at 3.95 %.
  • Greece and Spain under pressure to provide Ukraine with air defence systems.
  • New York Stock Exchange tests views on round-the-clock trading.
  • BlackRock steps up security for Larry Fink after ‘anti-woke’ backlash.
  • The bitcoin ‘halving’ took effect late on Friday, cutting the issuance of new bitcoin in half. After 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is ‘halved.’
  • US regulators say to TikTok, sell the platform or face a ban!

And finally…..

5/4 of people admit they’re bad at fractions.

Clarence

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